Bilateral relations between Saudi Arabia and the UK have grown multifold, involving more than 60 initiatives in 13 sectors. This has led to a one-third increase in trade since 2018, with trade now standing at over £79 billion ($99.12 billion) by 2023. Bilateral trade has picked up, and the investment landscape has flourished with more than 1,100 active licenses issued to UK investors that enabled projects like the giga-projects in Saudi Arabia.
Minister of Commerce, Majid Al-Qasabi, highlighted that the British investment inflow into the Saudi economy has already reached £4.3 billion in 2022, and also underscored the solid educational and cultural exchanges through 14,000 Saudi students who are studying higher education in the UK between 2020 and 2023.
Deputy Prime Minister Oliver Dowden was enthusiastic about increasing cooperation, especially in sports and tourism, with mutual benefits through increased cooperation across all sectors.
Despite being the world’s second-largest exporter of services, much potential exists in areas such as technology and AI, which Dowden mentioned through cooperation with the Kingdom on the development of its AI prowess in the near future. Education has been seen as key for development, as Britain will work to build 10 schools in the Kingdom by 2030 to improve bilateral relationships.
Saudi Minister of Investment Khalid Al-Falih emphasized that the UK is one of the most significant investors in Saudi Arabia and has a stock of investment worth around $16 billion. Al-Falih underlined the success of Saudi Arabia’s regional headquarters program, with over 400 multinational companies in its books, 52 of them from the UK, underlining the shared interest in developing prosperity.
Both countries acknowledge that they have to diversify their economies. Historically under-invested sectors must be addressed as global challenges are confronted. Being two of the most prominent G20 economies, Saudi Arabia and the UK are moving through transformative shifts brought about by megatrends like energy and technological transitions along with AI and disruptions in global supply chains.
The common experience highlights the importance of further cooperation in managing shifting economic scenarios and sustainable growth.
